Squirrel Group Closes Crowdfunding Round

By Guglielmo de Stefano on 11th April 2016

P2P/Marketplace Lending

New Zealand-based online lender Squirrel has closed an NZD $3.4m equity crowdfunding offer on Snowball Effect.

Squirrel Group Closes Crowdfunding Round


Squirrel Group – an Auckland-based mortgage broker and peer-to-peer lender – has announced the closure of a NZD $3.4m crowdfunding round on Snowball effect, a New Zealand-based equity crowdfunding platform. The minimum target for the investment round – the amount required for the offer to be deemed successful – was NZD $1m and the maximum was NZD $4.97m. The company offered a minimum of 7.90% in equity and a maximum of 17.90%, and ended up giving away slightly less than 17.90%, with NZD $287,100 left unsubscribed. 




Founded in 2008, Squirrel Group claims to help Kiwis make better financial decisions. The company is actively involved in peer-to-peer lending – through its platform Squirrel Money – launched in November last year, and in mortgages, via Squirrel Mortgages, the company’s new mortgage broking business.


As previously reported, the company launched a $5m private equity crowdfunding offer on Snowball Effect, at a pre-money valuation of $22.9 million, in March this year. On that occasion, the company revealed that it had attracted $4 million of pre-registered interest from within its customer base – more than enough to fill the $2 million slice of the offer that was available to retail investors. Wholesale investors were targeted for the remaining $3m.


The investment round  – originally launched as a private campaign – was made available to the general public on Snowball effect for a 30-day period, which ended yesterday. The capital raised will reportedly be employed to boost both the peer-to-peer and the broking businesses.


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AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.

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